Govt Urged To Restore Income Tax On The Turnover Of Flour Mills At 0.25%
Faizan Hashmi Published June 15, 2021 | 05:28 PM
Islamabad Chamber of Commerce and Industry on Tuesday urged the government to restore 0.25 percent income tax on the turnover of flour mills in order to provide relief to general public and providing them flour on affordable prices across the country
ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Jun, 2021 ) :Islamabad Chamber of Commerce and Industry on Tuesday urged the government to restore 0.25 percent income tax on the turnover of flour mills in order to provide relief to general public and providing them flour on affordable prices across the country.
Addressing a meeting of the business community Vice President Islamabad Chamber of Commerce and Industry Abdul Rehman Khan said that the government in current budget has proposed to increase the income tax rate on the turnover of flour mills from 0.25 to 1.25 percent, which would increase flour price.
Therefore, he urged the government to withdraw the increase in income tax rate in turnover of flour mills to save the general public from inflation, said a press release.
Former Senior Vice Presidents ICCI Khalid Chaudhry, Naveed Malik, former Executive Member ICCI Chaudhry Mazhar and others were also present in the meeting.
Abdul Rehman Khan said that the sales tax on bran was abolished four years ago which was welcomed by the flour millers but in the current budget a sales tax of 17 percent has been imposed on bran which will also give rise to inflation.
"Flour is a basic need of the people and the high cost of flour has a direct impact on the life of the common man," he added.
He urged the Finance Minister Shaukat Tareen to revisit increase in income tax rate for flour mills and the imposition of sales tax on bran in the budget to reduce the price of flour and provided relief to common man.
The ICCI Vice President further urged the government to ensure availability of wheat in market for keeping demand, supply at smooth lavel and providing flour on sustainable prices in local markets.
He also urged the government to focus on controlling the hoarding of the commodity, besides making movement of wheat loaded trucks smooth to maintain local wheat and flour prices.
He urged the government to restore the income tax rate on the turnover of flour mills to 0.25 percent and also withdraw 17 percent sales tax on bran.
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